Tuesday, April 21, 2009

Listing of the Day: Schizophrenic Pricing at the Bentley

3880 Orloff Avenue, 2 Bedrooms - $1575/month

This Van Cortlandt Village building is a rather curious case of of prices jumping up and down since December. When BoogieDowner first profiled a two bedroom in this building back in December it was listed at $1555/month with the offer of a $500 reduction on the first month's rent. Then BoogieDowner stumbled upon a new fancy pants listing that gave the building a name (the Bentley), linked to a foo-foo website (which is now a dead link), and boosted the price to $1685/month with the offer a full month free (The net-rate when BD ran the numbers at the higher rate with a month free, was $5 higher/month than the December rate. If you take into account the $500 reduction offered in December it would be $505 higher for the first month).

Now today, a two bedroom in this building is being listed at $1575 and being hailed as a $100 reduction in rent (it looks to BD that it's a $110 reduction in rent from $1685, but why quibble over $10). In BoogieDowner's view it's really just a $20 increase from the original December rent. No reduction in first month or mention of a free month remain. The listing mentions a gym membership fee being waived.

Not sure if the folks over at 3880 Orloff have read a newspaper, watched the news, or looked at their 401K statements lately, but the economy is a big poop burger. The rental price should be lower than it was in December and you should be piling on concessions and amenities.

Maybe if they would price the unit appropriately it would rent. Enough with amenity and concession voodoo. Don't give a reduction, but raise the rate in other ways to try to fool the renter into paying the same rate in the end. I'd say an even $1450-$1500 would be far for this unit, no?

All things being equal, the unit, building and hood are pretty nice. Maybe you can call and negotiate a better price. Who knows...just make sure that the Bentley has had its Thorazine.



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